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By Jacob Steinberg:August 16th was a brutal day for Facebook (FB) and the company's investors. As the lockup expired today, millions of Facebook investors who weren't allowed to sell their shares raced each other to dump their shares and rid their portfolios of Facebook. In total, 157 million shares changed hands, as the stock price fell by nearly 7% for the day, now off 48% since the long-awaited IPO.

Twitter went public today. Many comparisons were drawn to the Facebook IPO last year, which went nowhere near as smoothly. Andrew Wilkinson, chief economic strategist at Miller Tabak, provides a visual representation in the chart at right of just how much crazier the Facebook IPO was. In a note to clients, he writes:

Square Inc. will start trading later today on the NYSE exchange under the ticker symbol SQ. The stock was priced at $9 last night, and the mobile payments company is offering 27 million shares as part of its Class A common stock. This makes the total financing from the public debut come in at $243 million, about $80 million less than what was initially expected.

MUMBAI: Shares of Sun Pharmaceutical Industries Ltd tanked nearly 9 per cent today, leading to an erosion of Rs 22,262 crore from its market valuation, after Japan's Daiichi Sankyo announced selling its entire holding in the Indian drug major for an estimated Rs 20,420 crore. After witnessing a sharp dip of 10.63 per cent to Rs 933.10 on the BSE in intra-day trade, shares of Sun Pharma finally ended at Rs 951.60, down 8.86 per cent. At the NSE, the stock settled 8.77 per cent lower at Rs 952.20.

NEW DELHI: Domestic equities made a smart recovery in the afternoon session, with the BSE benchmark Sensex recovering as much as 400 points from its day's low of 27,209. The 50-share Nifty index also pared losses and was testing its crucial psychological support of 8,300. The key volatility index, India (VIX), surged to 17.6 per cent. The recovery was led by gains in index heavyweights such as Hindustan Unilever, ITC, and Larsen & Toubro. The broader trend though remains on the downside.

Twitter's stock dropped sharply as the company's revenue and outlook fell short of expectations at a time investors are looking for stronger advertising growth to make up for less-than-stellar user numbers. Twitter's adjusted earnings for the first quarter topped Wall Street estimates but revenue fell short of expectations and of Twitter's own guidance. Twitter attributed the shortfall to lower-than-expected contributions from some of its newer ``direct-response'' advertising products. These tools help advertisers communicate directly with customers in real time.

MUMBAI: The rupee snapped its three-day winning spree against the American currency by falling 21 paise to 63.72 on fresh dollar demand from banks and importers in view of a firm dollar in the overseas market. The rupee resumed higher at 63.45 per dollar as against the last weekend's level of 63.51 at the Interbank Foreign Exchange (Forex) Market on initial selling of dollars by some banks and importers.

Facebook has agreed to buy popular messaging app WhatsApp for an astounding $19 billion: $12 billion in stock, and $4 billion in cash, plus another $3 billion in restricted stock units to be granted to WhatsApp’s founders and employees that will vest over the next four years.